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Drought in Rio Grande do Sul has cut the state's 2022/23 soybean estimate by 31.1% to 14.2 million tonnes, according to Emater/RS. The summer corn estimate fell 41% to 3.6 million tonnes, and total state output is now 26.9% below the initial forecast.
The losses remove a large volume of corn and soybean supply from the Brazilian market, which supports prices for corn and soybean meal used in feed. Brazil's export availability is tighter as a result.
valorinternational.globo.comRaphael SalomãoMar 8, 2023After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
